Common use of Board Tenure Clause in Contracts

Board Tenure. The Board believes that experienced Directors provide valuable insight into the operations, prospects and strategy of the Company based on their experience with and understanding of the Company’s history and objectives. Consequently, the Board does not believe arbitrary limits on the number of years a Director can serve on the Board or mandatory retirement ages are appropriate. Similarly, the Board does not believe that Directors should automatically expect to be re-nominated annually as long as he or she desires to serve as a Director. The Nomination & Governance Committee evaluates the continued service of each Director annually before recommending that the Board nominate the Director for election. If a Director decides to retire, resign or otherwise not stand for re-election at an upcoming meeting of stockholders, he or she shall provide written notice of the decision to the Corporate Secretary, specifying the effective date of the retirement or resignation. The Company will not be deemed to have notice of such decision until the written notice is received by the Corporate Secretary. Upon receipt of the written notice from the Corporate Secretary, the Nomination & Governance Committee shall evaluate and recommend to the Board, and the Board shall determine, whether such resignation should be accepted.